Qualifying owners can get up to $50,000 in assistance to pay for assessments
Miami-Dade County is now providing funding assistance to help condominium owners pay for special assessments that can arise from building recertifications. Qualifying owners making less than 140% of the area median income (AMI) can get up to $50,000 in assistance to pay for these assessments. Individuals earning less than $95,620; couples making less than $109,200; three person households earning less than $122,920; and households of four making less than $136,500 may be eligible.
The Condominium Special Assessment Program is designed to assist condominium owners to address and pay for special assessment requirements that arise from rehabilitation and repairs as a result of applicable building integrity recertification requirements.
WHO CAN I CONTACT?
Mr. Shawn Topps
Miami-Dade County Public Housing and Community Development 786-469-2209
AM I ELIGIBLE?
- The homeowner must reside in the unit and it must be their primary residence and homestead.
- Investment owners are not eligible for program assistance.
- Income is below 140% of the AMI. See chart below.
WHAT ARE THE LOAN TERMS?
- $50,000 with a repayment term of 40 years.
- For low-income families (below 80% AMI) monthly payment will be $50 the remaining balance due at Maturity Date.
- For moderate-income families (above 80% AMI) monthly payment for moderate income families will be calculated at 0% interest rate for 40 years. Any cash assets exceeding $50,000 must be used for down payment up to 10% of the loan amount.
- If the owner sells the property, cash out refinance or ceases to use the home as primary residence, the balance of the loan becomes due and payable.
- Upon death of owner, the loan shall become due and payable in full unless ownership of the property passes to the heirs of owner and they meet the following criteria: (a) live in the property, (b) earn no more than the maximum percentage AMI at the time of transfer, and (c) execute appropriate documents as required by Miami-Dade County.
- One-time assessment per unit owner and the rehabilitation funds will be paid directly to the Condominium Association.
- Mortgage payments and HOA/Maintenance fees must be current. A description of the work to be done and or the Scope of Work will be required to determine the loan assistance.
NOTE: This news item is sponsored by Commissioner Marianne Meischeid.